Greenspan calls for repeal of all Bush tax cuts

[Chris]

It was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago.

Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to Republican orthodoxy, but decidedly to the left of President Obama.

Rather than keeping tax rates steady for all but the wealthiest Americans, as the White House wants, Mr. Greenspan is calling for the complete repeal of the 2001 and 2003 tax cuts, brushing aside the arguments of Republicans and even a few Democrats that doing so could threaten the already shaky economic recovery.

http://www.nytimes.com/2010/08/07/business/economy/07greenspan.html?src=mv

 

[Toro]

Given how spectacularly wrong Greenspan has been throughout his career, Congress should immediately extend the Bush tax cuts for at least another year.

 

[Charles_Main]

It was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago.

Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to Republican orthodoxy, but decidedly to the left of President Obama.

Rather than keeping tax rates steady for all but the wealthiest Americans, as the White House wants, Mr. Greenspan is calling for the complete repeal of the 2001 and 2003 tax cuts, brushing aside the arguments of Republicans and even a few Democrats that doing so could threaten the already shaky economic recovery.

http://www.nytimes.com/2010/08/07/business/economy/07greenspan.html?src=mv

LOL didn't you guys say this guy fucked up everything he touched? so now he is right?


You are fool if you think when a married couple making 75,000 a year see their Federal Tax Load go from 0 Last year, to 3200 Bucks this year that it will have no effect on the Economy. YOU ARE OUT OF YOUR MIND!!

 

[rightwinger]

I'd like to see all the cuts repealed...not just on the wealthy

As long as all the revenue goes to deficit reduction

 

[editec]

Strikes me that raising taxes during a deflationary recession is a pretty bad idea.

And raising taxes on the very people who need money to revitalize the economy (the consumer class) and even worse idea than allowing the tax breaks to the investor class (those making over $250 K per year) to return to their previous rates.

You want to give tax breaks that will benefit this nation in the long run?

Give tax breaks to new manufacturing development IN THE USA.

While you're at it impose tariffs on imports to generate revenues to offset those tax breaks to given people investing in US based manufacturing.

We need to REINDUSTRIALIZE this nation, folks.

 

[bigrebnc1775]

I'd like to see all the cuts repealed...not just on the wealthy

As long as all the revenue goes to deficit reduction

Who do you take money from when there is no more money to be taken?

 

[rightwinger]

I'd like to see all the cuts repealed...not just on the wealthy

As long as all the revenue goes to deficit reduction

Who do you take money from when there is no more money to be taken?

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

 

[Charles_Main]

I'd like to see all the cuts repealed...not just on the wealthy

As long as all the revenue goes to deficit reduction

Who do you take money from when there is no more money to be taken?

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

The Point is not it will break their backs, it is that they will spend less, and invest less, and the Economy will suffer for it.

Those top2% include most Small businesses that File as Sole Proprietors you know.

 

[Sherry]

I'd like to see all the cuts repealed...not just on the wealthy

As long as all the revenue goes to deficit reduction

Who do you take money from when there is no more money to be taken?

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

Do you trust the government more to reinvest that money and get a better return on it than those people who had proven themselves in the first place by acquiring it??

 

[Charles_Main]

Who do you take money from when there is no more money to be taken?

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

Do you trust the government more to reinvest that money and get a better return on it than those people who had proven themselves in the first place by acquiring it??

Of course they do, that is the whole point. They think the Government MUST take their money and use it to Raise up the poor. They think those who have the money got it in evil ways, and are evil, and they must right the wrong.

 

[bigrebnc1775]

Who do you take money from when there is no more money to be taken?

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

The Point is not it will break their backs, it is that they will spend less, and invest less, and the Economy will suffer for it.

Those top2% include most Small businesses that File as Sole Proprietors you know.

Simple concept that worked in the days of Reagan.

 

[JakeStarkey]

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

The Point is not it will break their backs, it is that they will spend less, and invest less, and the Economy will suffer for it.

Those top2% include most Small businesses that File as Sole Proprietors you know.

Simple concept that worked in the days of Reagan.

Don't know your history, do ya? Wow.

 

[Oddball]

Suddenly, what Greenspan says is of interest to the leftloons?

wow...

 

[Synthaholic]

Who do you take money from when there is no more money to be taken?

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

The Point is not it will break their backs, it is that they will spend less, and invest less, and the Economy will suffer for it.

Those top2% include most Small businesses that File as Sole Proprietors you know.

Will it force Paris Hilton to stop going to clubs?
Will it remove the incentive from Elton John to write songs?
Will Gordon Ramsey stop opening restaurants? How about McDonalds?
Will Wal*Mart stop opening new stores?

 

[Oddball]

Will higher taxes make politicians spend less?

Nope.

 

[Synthaholic]

Suddenly, what Greenspan says is of interest to the leftloons?

wow...

What the fuck are you talking about? Greenspan was at the helm throughout both Clinton terms, partnering with that administration to bring massive surpluses and sound fiscal policy out of the huge Reagan deficits.

Here's some advice: think before you type.

 

[Oddball]

Yeah, and y'all freaked on his ass on a regular basis anyways.

BTW, you did know he was an original member of Ayn Rand's inner circle, didn't you?

Oh yeah...There also never ever were either a balanced budget or any surpluses...Those were all projected out to 2002.

 

[bigrebnc1775]

Yeah, and y'all freaked on his ass on a regular basis anyways.

BTW, you did know he was an original member of Ayn Rand's inner circle, didn't you?

Oh yeah...There also never ever were either a balanced budget or any surpluses...Those were all projected out to 2002.

I seem to remember a time when Colin Powell was also the target of attck from the left.

 

[Old Rocks]

Who do you take money from when there is no more money to be taken?

3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times

The Point is not it will break their backs, it is that they will spend less, and invest less, and the Economy will suffer for it.

Those top2% include most Small businesses that File as Sole Proprietors you know.

What a load of crap. Yes, they will invest less. Invest less in China, Mexico, or Indonesia. And if that money that the government takes in taxes were to go to rebuilding the infrastructure, it would be spent in a manner that would be of much more benefit to the economy than if it were spent on unneeded luxeries.

 

[loosecannon]

It was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago.

Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted

The architect of Reaganomics says that we either allow ALL of the tax cuts to expire or risk Bankrupting the Nation.
Stockman: Bush Tax Cuts Will Make U.S. Bankrupt : NPR

He also says that monetarism has failed, but we new that.